As someone who is now, from LA, I drive everywhere. Thus, I pay attention to the price of gas because I find myself at the pump at least once a week filling up my gas tank. This past Monday, driving home from Palm Springs I saw the price of gas change in front of my eyes, literally. It was an electronic sign and it went from $2.99 per gallon to $3.05 in the time it took me to drive past at 60 mph. Yes, it was a bit humorous but more frightening than funny.
Later that evening I was watching the evening news and my guy Brian Williams on NBC’s Nightly News reported a little tid-bit of information, Lee Raymond, Exxon’s former CEO would be taking home $69.7 million in compensation and a $98 million dollar good-bye, thanks for all your help, retirement package.
(Reported by Reuters) This week an unapologetic Lee Raymond, Exxon’s former CEO, defended his headline making pay — including his $98 million pension. He said , “I’ve never had a conversation in my whole career with anybody about my compensation. It just doesn’t happen.”
Raymond added, “The philosophy of the company has been when the company does well, the shareholders do well and the employees should do well.” (End Report)
Meanwhile, as the markets closed today, oil is at $75.00 a barrel, what does that mean, gas is $3.07 to $3.11 a galloon and that is for the regular stuff. The last time I remember gas prices being outrageously high was at the end of last summer. As the 3rd Quarter earnings were reported, Exxon netted approximately $6 billion during the 3rd Quarter. Shortly after the earnings were reported, the price of gas plummeted.
So, how long is it until the 2nd Quarter earnings are reported, I can’t afford to drive anymore?
